First Citizens BancShares in Raleigh, N.C., had a mammoth quarter for profitability after booking a $9.8 billion gain from buying the failed Silicon Valley Bank.
The $214.7 billion-asset company earned $9.5 billion in the first quarter, an astronomical increase from the $271 million of net income from a year earlier.
First Citizens also disclosed that roughly a quarter of the deposits it gained from buying Silicon Valley Bank – about $15 billion – left between the deal’s March 27 announcement and April 30.
About $7 billion of the outflows took place over the first five days and largely involved technology, life science and health care companies moving their money to other financial institutions.
Another $5 billion left First Citizens between April 7 and April 14, reflecting funds moved to off balance sheet repurchase agreements.
Deposit levels have remained stable so far in May.